ETax847

That's what i was thinking.  Thanks for the quick reply

Client is considering buying a parking spot in his condo building to rent out.  The spot is in a garage.  Can this spot be depreciated?

Interesting.  I'm thinking SCH C is the way to go as to not upset the apple cart.  Thanks gang!

Taxpayer has a regular W2 job.  He bonus was not seen on her W2 but on a 1099 MISC? Should this be considered self employment income or other income?

I share similar sentiments to Abby.  I have found ATX support has improved tremendously from where it was just a few years ago.

Client still has not shown me his business return from the previous year and his current year's business return is in progress.  My skepticism meter is at an all time high with this one.

Abby, I'm with you. It's mind boggling to me.  I requested a copy of the S-Corp Return and might be forced to terminate the engagement if I do not receive it.

I have a new client who is an S-Corp Owner.  He gets his business taxes done somewhere else and wanted help on the individual side.  I have looked at his past 4 years of personal tax returns and have yet to see a K-1 form.  Can anyone explain how this could be?

Thanks guys! Appreciate the insight.

I've read conflicting things:

a) What are the Oklahoma sources of income taxable to a nonresident?

A nonresident is taxed on the following sources of income:

salaries, wages and commissions for work performed in Oklahoma.

income from an unincorporated business activity conducted in Oklahoma.*

distributive share from subchapter S corporations doing business in Oklahoma.*

distributive share of the Oklahoma part of partnership income, gains, losses or deductions.*

net rents and royalties from real and tangible personal property located in Oklahoma.

gains from the sale or exchange of real property located in Oklahoma.

income received from all sources of wagering, games of chance or any other winnings from sources within Oklahoma.

WHO MUST FILE? 

Nonresident: Every nonresident with Oklahoma source gross income of $1,000 or more is required to file an Oklahoma income tax return.

Tax payer lives in IL but has a rental property in OK that shows a tax loss.  Is the gross income taxable of the rental taxable on the OK Non Resident Return?

It was just cash given to their son over the annual exemption amount.  Way more straight forward than I would have thought.  Thanks for the response.

Doing my first gift tax return, is there anything I need to be aware of.  It seems quite simple at first glance.

My thought is with the gift tax exemption amount being so high, it's a moot point.  Agree?

Great advice! Thanks Lion!

If a married couple gifted their child 90k in 2019, and plans on making no future gifts, when it comes to filing a gift tax return, is there any benefit to them splitting the gift? If so, do they need to both file a Gift Tax Return?  Are there any tax consequences to be aware of if they split the gift or not?

I too find helping clients fill out the new W-4 form to be somewhat confusing.  

I still add it in both places to make sure if I need to discuss the return with the IRS, there are no issues.

I have read these credits have been extended through 2019, however, there is nowhere to claim them on Form 5695.  Any idea what the official word is on whether these credits can be claimed? I've posted below, two conflicting things ive seen online:

1)  Nonbusiness Energy Property Credit

Important: The tax credit below cannot be claimed on 2018, 2019, and later Tax Returns.

2) Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. Through the 2019 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return.

Thanks guys!! I love this community in how helpful everyone is. 

What line on the CA (540NR) do I back out the non resident income? I have it open as we speak.  Sorry for the trouble

I have a client who lived in Indiana for the first 9 months of the year and then moved to California.  When completing the Part Year-Resident CA return, on what schedule do I back out the non-resident (Indiana) income?

I use the Client Portal provided by EMoney.  Very user friendly with 2 factor authentication

Great suggestions! 

ATX does not seem to be rolling the info over.  Any idea why or what I need to enable?